Videocon Industries Limited is an Indian worldwide combination settled in Mumbai. The gathering had 17 assembling locales in India and plants in Mainland China, Poland, Italy and Mexico. It was the third biggest picture tube maker on the planet, worth US$5.5 billion.
The organization stopped business and went into corporate bankruptcy procedures in June 2018. In June 2021, the NCLT supported Vedanta Group’s offered to take over Videocon, making ready for new possession.
Videocon Industries was established in 1979 by Venugopal Dhoot, settled in Mumbai. It at first began managing in buyer gadgets and home machines like cell phones, variety TVs, forced air systems. In the wake of turning into a famous brand in these areas, they turned into a combination and broadened their business into Oil and Gas, Telecom and DTH administrations. Follow wejii to know more.
In 1985, Aurangabad-based Nandlal Madhavlal Dhoot established and consolidated Videocon International with an objective of delivering 1 lakh TV sets each year. The organizer’s grandson (Venugopal Dhoot’s child) and Videocon’s ongoing chief Anirudh Dhoot claims, “Videocon has turned into the principal organization to carry variety TV to India.”
In India, the gathering sold purchaser items, for example, variety TVs, clothes washers, forced air systems, coolers, microwaves and numerous other home machines through a multi-brand procedure with the biggest deals and administration network in India.
Starting from the passage of Korean Chaebols and their rising fame in the Indian market, Videocon has turned into the main market pioneer with a sluggish downfall according to the perspective. 3 players in India. The organization kept on performing great in the clothes washer and cooler fragment. Do you also know what is lg ims used for.
In November 2009, Videocon sent off its new line of cell phones. Videocon has since sent off various handsets going from essential variety FM telephones to top of the line Android gadgets. In February 2011, Videocon Mobile Phones sent off the up until recently obscure idea of ‘zero’ paise (1 paisa 1 Indian rupee 100th unit) with Videocon Mobile administrations packaged SIM cards for 7 of its handset models. In July 2015, Videocon Mobiles sent off its own leader cell phone Videocon Infinium Z51+ in India. On 7 June 2016, Videocon Mobile sent off its new cell phone ‘Videocon Cube3 V50290’ in India.
Videocon Petroleum had a 25% stake in the Cairn India-run Rawa oil field in Andhra Pradesh.
Videocon obtained the variety picture tube (CPT) organizations in financial 2005 from Thomson SA of France with help innovative work offices as well as assembling offices in Poland, Italy, Mexico and China.
Debate with ICICI credit misrepresentation
On 4 October 2018, Chanda Kochhar, previous MD and CEO of ICICI Bank, needed to venture down following claims of defilement in authorizing credits to Videocon. In the midst of the Videocon awful credit test, he had to take an endless leave by the leading body of ICICI Bank. The Central Bureau of Investigation named Chanda Kochhar and her better half Deepak Kochhar as recipients in the monetary misrepresentation. After Chanda Kochhar, Sandeep Bakshi turned into the entire time Managing Director and CEO of ICICI Bank, Videocon advertiser Venugopal Dhoot falsely moved a piece of the credit got from ICICI Bank to Kochhar’s undertaking.
Start of the End
Videocon’s ruin traces all the way back to when the TV and partnered areas required huge capital, yet the profits were not adequate to control the obligation. Subsequently, it appears to be legit for Videocon to differentiate into neglected regions. This enhancement prompted forceful borrowings for the organization, leaving them in an obligation trap over a time of 10 years.
Regardless of turning into a combination, just the customer gadgets section of Videocon could cruise ahead. Yet, because of expanding contest and immersion in this market, their lifeline additionally began weakening with time.
Subsequently, the organization then attempted to control their obligation by selling their business. They consolidated their DTH administrations with Dish TV. They likewise sold their gas fields. Airtel gained its telecom business. However, having any effect was past the point of no return.